Blockchain Technology, the fundamental technology underlying smart currencies, smart contracts and various other smart services, was introduced in a seminal paper under the pseudonym Satoshi Nakamoto in 2009. Assumed to be the most important invention since the Internet, it is the core technology behind Bitcoin.
A blockchain can be defined as a public ledger of all transactions and a distributed database of records. Each transaction is recorded in a block in a chronological order. All the market participants can keep the record of the transactions. Each transaction is corroborated by the consensus of the majority of participants in the system.
Mining is used as the variant for this process (consensus) in Bitcoin. Each block is chained with the next block using cryptographic signature. Upon joining the chain, each connected computer receives a copy of the blockchain that stands as a proof of every transaction ever executed. This creates an indelible record that cannot be tampered.
Blockchain data is very different from the traditional database where the user (called client) can modify the data stored on a centralized server. There are various decentralized nodes in a blockchain. Any addition to the blockchain is verified by all the nodes. All the nodes must reach a consensus in order to make any additions to the blockchain. This consensus mechanism ensures the security of the network, making it difficult to manipulate it.
In the words of its creator, blockchain technology is a system based on cryptographic proofs than the trust-in-the-third-party mechanism that allows any two willing parties to transact directly.
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